Shareholders of Cangene Corp. have approved the sale of the company to Emergent BioSolutions of Rockville, Maryland.
The sale, which was originally announced in mid-December, was approved by 99.95 per cent of the votes cast at a shareholder meeting in Toronto late Wednesday afternoon.
The acquisition will be implemented through a plan of arrangement under Canadian law, under which Cangene shareholders will receive $3.571 per share ($3.24 US) in cash, for an aggregate purchase price of $245 million ($222 million US).
Completion of the transaction remains subject to approval by the Ontario Superior Court of Justice at a hearing scheduled for February 18, 2014. The transaction is expected to close before the end of February 2014.